Exports dip 8.74% in Nov; trade deficit narrows to $9.87 bn

The country's exports dipped 8.74 per cent to USD 23.52 billion in November on account of contraction in shipments of key sectors like petroleum, engineering, chemicals and gems and jewellery, official data showed on Tuesday.

Trade deficit during the month narrowed to USD 9.87 billion as imports too declined by 13.32 per cent to USD 33.39 billion, the data showed.

During April-November 2020-21, exports dropped by 17.76 per cent to USD 173.66 billion, while imports contracted by 33.55 per cent to USD 215.69 billion.

"Cumulative value of exports for the period April-November 2020-21 was USD 173.66 billion as against USD 211.17 billion during the period April-November 2019-20, registering a negative growth of (-) 17.76 per cent in dollar terms," a Ministry of Commerce and Industry statement said on the basis of preliminary data.

"Non-petroleum and Non-Gems and Jewellery exports in November 2020 were USD 19.29 billion, as compared to USD 19.37 billion in November 2019, registering a negative growth of (-) 0.40 per cent."

Trade deficit stood at USD 42 billion for the first eight months of the fiscal as compared to USD 113.42 billion in the same period last year.

Oil imports in November dropped by 43.36 per cent to USD 6.27 billion.

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Free Press Journal